OGN_Analytics

Global base scenario for OGNUSDT. Weekly chart.

BINANCE:OGNUSDT   Origin Protocol / TetherUS
1 On the weekly chart, we can see a potential variation of the double bottom pattern usually called "Adam and Eve" ( sharp bottom first, following by a gradual accumulation later). Typically, the accumulation occurs 2-3 times longer than the first bottom, so it can be assumed that the market accumulation will continue at least until the end of summer.
2 It is important to follow the global trend line (black line), as well as the moving average MA50 (green line). They are both now at the same level (the moving average is "hugging" the trend line at the moment), this is a strong support.
3 Taking into consideration the fact that, generally, accumulation occurs with low volatility , the width of the accumulation range will depend on the conditions of the whole crypto market, therefore, short-term price dives below the trend line would still provide excellent buying opportunities.
4 After the price breaks the accumulation zone, minimum potential price targets will be - $ 1.44; $ 1.81; $ 2.18 which are perfectly matched with the Fibonacci retracement levels.
Have a nice week everyone!

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